5 Technological Innovations in the Real Estate Industry

The real estate industry is an ever-changing field that is constantly evolving. Over the last couple of years, new technologies have emerged, which have had major impacts on the entire real estate industry.

When it comes to the purchasing process in particular, potential homebuyers and agents have an abundance of technological innovations at their fingertips that help to make transactions as seamless and effortless as possible.

Additionally, real estate companies can now deliver more insightful information to the investment community faster than ever before, thus allowing investors to make better purchasing decisions.

The ease technology has brought to the real estate industry has given all who are dealing in real estate a competitive edge.

Below are 5 technological innovations that are revolutionizing the market and creating a significant impact on this industry and real estate professionals, investors, buyers, and sellers.

Let's get started!

Virtual Reality

Imagine yourself standing in the middle of a property that doesn't even exist and you are looking right and left, up and down. Yes! Virtual reality has actually made such a thing possible. Virtual reality in real estate is making the entire purchasing process much more efficient than it used to be. By using VR technology, potential home buyers get to see the actual view from the balcony of their own future property and digitally tour properties from anywhere in the world.

With VR technology, because seeing is believing, virtual reality tours are one of the real estate technologies that improve the overall purchasing process.

Augmented Reality

Augmented reality and virtual reality go hand in hand actually. If virtual reality allows potential homebuyers a more personal experience by offering buyers panoramic experiences that better reflect a home’s living space, augmented reality comes in handy when trying to visualize what an empty space would look like.

AR technology turns a property's specification into a floor plan to give customers an exact view of how their future house will look. This allows for a more personal experience so potential buyers can actually “see” themselves living in their dream home.

What’s more, prospects can also place furniture virtually to get a real experience. When potential buyers start using this technology, it is definitely a done deal.

360 video tour

360 video tours speed up the purchasing process where - according to recent numbers - 40% of potential homebuyers make a purchasing decision after viewing a listing with a 360 video tour. This technology is the next best thing to being in the actual home with a realtor.

It gets quite hard to measure space and depth by just using regular pictures and it gets difficult to actually feel the house with regards to design without actually walking through the house, and that is where 360 video tours come in handy.

360 video allows potential homebuyers to see houses and get a fairly accurate impression of them, even if they are states or continents away, it's both time and money saver technology.

Home Automation

Home automation allows users to control everything in their home with the use of an app on a Smartphone. Since new, tech-savvy generations are now entering the real estate market, a home with the latest automation features will become a must.

Home automation allows homeowners to remotely access their lighting systems and security systems. It also gives homebuyers the power to prepare a DVD or even prepare a hot bath to be ready when you get home from work after a stressful day.

Home automation technology isn't only a luxury to homebuyers, it's also a way that homebuyers ensure their houses are safe, efficient and comfortable.

Crowdfunding

Crowdfunding technology gives real estate investors who are just starting out, access to the real estate market without the need of large amounts of their own personal funds.

Through crowdfunding, real estate developers can solicit investments from high-net-worth investors who are eager to make an investment in this market.

Additionally, crowdfunding gives real estate investors full access to a myriad of projects, so the options are endless.

If you’re interested in learning more about real estate technology that being utilized in the Tampa area, please contact Joe at (813) 563-9227 or drop him a note here.

Jamie Moulton is a guest blogger and senior content curator at JustProperty.com, a leading real estate portal in the MENA region, headquartered in Dubai, UAE.